SoFi Blog

SAN FRANCISCO, Calif. – November 10, 2017 – SoFi announced today the closing of a $727 million issuance of SoFi Consumer Loan Program 2017-6 (“SCLP 2017-6”) notes. It is SoFi’s largest offering of securities backed by consumer loans and is the company’s 11th ABS transaction this year, bringing SoFi’s total issuance for 2017 to $6.1 billion.

“SoFi’s securities have performed well in the market, and investor demand for this offering was strong with over $2.2 billion of orders,” said Erica Dorfman, Vice President of Capital Markets for SoFi. “There were 39 investors in this deal, including five new institutions.”

SoFi has established its place as one of the country’s 10 largest sponsors of asset-backed securities, completing 14 deals over the past year totaling $6.5 billion. Rating agencies have raised their ratings on 12 previous SoFi securitizations, reflecting the strong performance of the underlying loans. Joint lead managers on SCLP 2017-6 were J.P. Morgan, Deutsche Bank, Goldman Sachs, and Mizuho Securities.

About SoFi
SoFi is a new kind of finance company taking a radical approach to lending, wealth management and insurance. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.

Contact
SoFi PR
[email protected]

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[Updated as of 9/27/18: Removed outdated savings calculation information.]

A recent SoFi member survey suggests that over a third of millennials have lost sleep over their student loan debt; 15% have sought care from mental health professionals because of student debt anxiety

SAN FRANCISCO, Calif. – November 7, 2017 – On the heels of the end of most new college graduates’ student loan repayment grace period, SoFi today announced its first-ever Refi and Relax campaign, which aims to educate graduates on their refinancing options as a way to relieve the overwhelming stress that comes with carrying student debt.

“We hear everyday from people with student debt that it feels like an anchor weighing them down from achieving other goals,” said Joanne Bradford, chief marketing officer of SoFi. “There are millions of people who could take advantage of refinancing their student loans to lessen their burden that just don’t even know it’s an option for them.”

Student loan debt is a large source of anxiety and stress for many young Americans. According to a recent SoFi member survey of over 1,200 respondents, eighty three percent shared that they’ve felt like they couldn’t relax due to the burden of the debt. Fifty percent of people dealing with student loan debt reported feeling anxious and/or depressed, and fifteen percent of respondents went so far as to talk with a mental health professional about the stress of their student debt.

Over a third of respondents have reported losing sleep due to student loan debt. Seventy five percent of respondents shared that they would give up social media if it meant their student loans would disappear. Forty percent of respondents said they would stay at a job that they hate because of student loan debt. Another twenty percent are willing to take even more dramatic measures by sacrificing a finger or toe in exchange for erasing their student loans.

Americans currently owe over $1.34 trillion in student loan debt, about $319 billion more than total credit card debt, according to the Federal Reserve Bank of New York’s August 2017 report.

Refi and Relax will comprise of a robust social media advertising campaign (#RefiandRelax), in addition to a members-only launch party in New York exclusively for those who recently refinanced their loans. On November 7, to give SoFi members a night off to unwind, the event will be dedicated to utmost relaxation, with manicures from GlamSquad, playtime with Socials Tees puppies, premium giveaways, and more.

About SoFi

SoFi is a new kind of finance company taking a radical approach to lending, wealth management and insurance. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.

Contact

Danika Owsley

Director of Consumer Communications

[email protected]

SAN FRANCISCO, Calif. – October 13, 2017 – SoFi announced today the closing of a $776.7 million offering of SoFi Professional Loan Program 2017-E notes.

SoFi 2017-E marks the company’s largest asset-backed securities issue to date and its 10th ABS transaction this year, bringing SoFi’s total issuance for 2017 to $5.375 billion.  Since inception, SoFi has closed 30 transactions totaling $12.4 billion in issuance. With the closing of SoFi 2017-E, SoFi maintains its position as a top ten ABS sponsor. The recent transaction was heavily subscribed with orders totaling $2.3 billion.

“We were pleased with the reception for this transaction, which was increased in size in response to investor demand,” said Ashish Jain, Senior Vice President of Capital Markets for SoFi. “The deal attracted five new investors, expanding the reach of SoFi’s overall program to just over 100 unique ABS investors in 2017.  We thank everyone who participated in this offering.”

SoFi 2017-E emphasized SoFi’s position as an industry leader in terms of asset quality, reflecting the strength of its lending and underwriting business.  SoFi is the first Student Loan ReFi issuer to achieve AAA ratings from Standard & Poor’s, Moody’s and DBRS, and the first Unsecured Personal Loan issuer to achieve AA ratings from S&P, Kroll, and DBRS.

Joint lead managers were Deutsche Bank, Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley.

About SoFi
SoFi is a new kind of finance company taking a radical approach to lending, wealth management and insurance. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.

Contact
SoFi PR
[email protected]

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Residents can lower their rates without compounding interest during residency

San Francisco, Calif. — October 11, 2017 — SoFi announced today the launch of its Medical Resident Student Loan Refinancing product, an extension of its market-leading Student Loan Refinancing offering, specifically targeted for medical residents and fellows.

With this product, eligible medical residents and fellows can keep their student loan interest from compounding over the course of residency (up to 54 months), and only make $100 monthly payments during residency or fellowship¹. After that, their regular payment schedule will commence. SoFi offers five different full repayment terms, ranging from five to twenty years at low fixed and variable rates.

Medical residents as a group are one of the most debt-burdened populations of students in America. Seventy-six percent of 2016 medical school graduates have student loans, with a median student debt load of $190,000 at graduation.² At the same time, medical residents and fellows typically earn only $60,000 a year.

“Medical residents and fellows so often defer dealing with their student loans until later in the careers when they’ve piled up interest,” said SoFi’s Senior Vice President of Product Management, Meron Colbeci. “We’re providing an easy, affordable way to help residents take control of their debt early on in their career.”

In addition to financial benefits, residents and fellows who refinance with SoFi will have access to SoFi’s suite of member benefits such as wealth advisors, career coaching, and networking events.

SoFi has a dedicated customer service team for medical residents and fellows to address any questions about this product, reachable via phone at 866-336-DOCS or via email at [email protected]. More information is also available on the web at https://sofi.com/medical-resident-refinance/.

About SoFi
SoFi is a new kind of finance company taking a radical approach to lending, wealth management and insurance. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.

Contact
Rachel Reichblum
Senior Manager of Product Communications
[email protected]

Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS #1121636. Terms and Conditions apply; see SoFi.com/legal for details. Advisory services are offered through SoFi Wealth, LLC.

1. While the interest will not compound during the residency period, interest is still charged. The minimum monthly payment of $100 may not pay all of the interest due each month, which will likely result in negative amortization during the residency period.
2. American Association of Medical Colleges. Medical Student Education: Debt, Costs and Loan Repayment Fact Card 2016. (https://bit.ly/2gamNLU). Last accessed 10 October 2017.

A Note on the Taper

Now that the markets are accustomed to heightened tensions with North Korea, attention is shifting back to monetary policy once again. In the aftermath of the global financial crisis, several of the world’s central banks employed extraordinary measures to help stabilize economies. Now the question is how are they going to scale back, or “taper,” those policies and what affect that will have on asset prices.